§ 44-5-11.6 - Assessment of valuations – Apportionment of levies.
SECTION 44-5-11.6
§ 44-5-11.6 Assessment of valuations– Apportionment of levies. – (a) Notwithstanding the provisions of § 44-5-11 [repealed],beginning on December 31, 2000, the assessors in the several towns and citiesshall conduct an update as defined in this section or shall assess allvaluations and apportion the levy of all taxes legally ordered under the rulesand regulations, not repugnant to law, as the town meetings and city councils,respectively, shall from time to time prescribe; provided, that the update orvaluation is performed in accordance with the following schedules:
(1) For a transition period, for cities and towns whoconducted or implemented a revaluation as of 1993 or in years later:
SEE THE BOOK FOR THE PROPER TABLE.
(ii) Provided that the reevaluation period for the town ofNew Shoreham shall be extended to 2003 and the update for the town of Hopkintonmay be extended to 2007 with no additional reimbursements by the state relatingto the delay.
(iii) The implementation date for this schedule is December31st, of the stated year.
(iv) Those cities and towns not listed in this schedule,shall continue the revaluation schedule pursuant to § 44-5-11[repealed].
(2) For the post transition period and in years thereafter:
SEE THE BOOK FOR THE PROPER TABLE.
(ii) The implementation date for the schedule is December31st of the stated year. Upon the completion of the update and revaluationaccording to this schedule, each city and town shall conduct a revaluationwithin nine (9) years of the date of the prior revaluation and shall conduct anupdate of real property every three (3) years from the last revaluation.
(b) No later than February 1, 1998, the director of thedepartment of revenue shall promulgate rules and regulations consistent withthe provisions of this section to define the requirements for the updates whichshall include, but not be limited to:
(1) An analysis of sales;
(2) A rebuilding of land value tables;
(3) A rebuilding of cost tables of all improvement items; and
(4) A rebuilding of depreciation schedules.
Upon completion of an update, each city or town shall providefor a hearing and/or appeal process for any aggrieved person to address anyissue, which arose during the update.
(c) The costs incurred by the towns and cities for the firstupdate shall be borne by the state in an amount not to exceed twenty dollars($20.00) per parcel. The costs incurred by the towns and cities for the secondupdate shall be borne eighty percent (80%) by the state (in an amount not toexceed sixteen dollars ($16.00) per parcel) and twenty percent (20%) by thetown or city and in the third update and thereafter, the state shall pay sixtypercent (60%) of the update (not to exceed twelve dollars ($12.00) per parcel)and the town or city shall pay forty percent (40%); provided, that for thesecond update and in all updates thereafter, that the costs incurred by anycity or town which is determined to be a distressed community pursuant to§ 45-13-12 shall be borne eighty percent (80%) by the state and twentypercent (20%) by the city or town for all updates required by this section.
(d) The office of municipal affairs, after consultation withthe league of cities and towns and the Rhode Island assessors' association,shall recommend adjustments to the costs formula described in subsection (c) ofthis section based upon existing market conditions.
(e) Any property, which is either exempt from the localproperty tax pursuant to § 44-3-3 or which pays a city or town an amountin lieu of taxes, is not required to have its values updated pursuant to thissection, and the property is not eligible for the reimbursement provisions ofsubsection (c) of this section. However, those properties which are exempt fromtaxation and are eligible for state appropriations in lieu of property taxunder the provisions of § 45-13-5.1 are eligible for state reimbursementpursuant to subsection (c) of this section, provided, that these propertieswere revalued as part of that city or town's most recent property revaluation.
(f) No city or town is required to conduct an update pursuantto this section unless the state has appropriated sufficient funds to cover thestate's costs as identified in subsection (c) of this section.
(g) Any city or town that fails to conduct an update orrevaluation as required by this section, or requests and receives an extensionof the dates specified in this section, shall receive the same amount of stateaid under §§ 45-13-1, 45-13-5.1, and 45-13-12 in the budget year forwhich the new values were to apply as the city or town received in-state aid inthe previous budget year; provided, however, if the new year's entitlement islower than the prior year's entitlement, the lower amount applies, except forthe town of New Shoreham for the fiscal year 2003.
(h) Any bill or resolution to extend the dates for a city ortown to conduct an update or revaluation must be approved by a two-thirds (2/3) majority of both houses of the general assembly.